Proprietatea Fund Ups Stake In Azomures To 10.2%

05.06.2011 By Florentina Dragu

Romanian investment fund Fondul Proprietatea (FP.RO) Friday said it has increased its stake in chemical fertilizer company Azomures (AZO.RO) to 10.23% from 7.69%, following several deals on the Bucharest market.

Azomures is 75.88% owned by several Turkish investors, through US-registered companies Eurofert Investments and Azomures Holdings LLC.

The company's shares have gained over 40% to RON0.674 (EUR0.163) a share in the first four months of 2011, from RON0.48 a share in December last year.

In 2010, Azomures reported a net profit of RON153.9 million (EUR37.4 million), substantially higher compared with RON9.4 million in the previous year.

The company estimates its net profit will fall to RON32.7 million in 2011, due to higher costs.

On the Bucharest bourse Friday, Azomures closed down 2.32% at RON0.674 a share. (EUR1=RON4.1208)